A good goes through three stages of production. The value added at stage 1 is $3; the value added at stage 2 is $5; the value added at stage 3 is $1. What is the retail price of the good?
A. $6
B. $9
C. $10
D. Cannot be determined based on the information given.
Answer: B
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Robert and Neal are playing the ultimatum game, starting with $100 . Based on the coin toss, Robert is the player to propose a division of the $100 . If Robert acts as economic theory assumes and Neal acts as experimental evidence shows, Neal will
a. accept Robert's proposal of keeping $99 and offering Neal $1. b. accept Robert's proposal of keeping $60 and offering Neal $40. c. reject Robert's proposal of keeping $99 and offering Neal $1. d. reject Robert's proposal of keeping $60 and offering Neal $40.
Variables X and Z in the table below are:
A. Positively related
B. Negatively related
C. Independent
D. Nonlinearly related
The law of demand states that
a. quantity demanded is inversely related to price b. quantity demanded is directly related to income c. marginal utility is inversely related to quantity consumed d. total revenue is directly related to price e. demand curves are linear
An example of a derivative is a:
A. futures contract. B. stock. C. bond. D. fixed-income security.